French bank reform eyes finance overhaul-draft law

Reuters Staff

1 Min Read

PARIS, Nov 28 (Reuters) - A French law designed to curb banks' risky trading also would tighten oversight of brokers, insurers and consumer-credit providers, according to a draft version obtained by Reuters.

Banks such as BNP Paribas and Societe Generale will have until July 2014 to earmark activities deemed risky by the law and will have until July 2015 to transfer them into separate entities, according to a draft version of the document that is due to be unveiled in mid-December.

Client-related activities like market-making, hedging and other investment services will be spared, as will banks' own investment and cash-management operations. (Reporting by Lionel Laurent; Editing by Christian Plumb)